Recently in Dodd-Frank Category

By John P. Carey, Chief Administrative Officer, North America Consumer Banking   "The purpose of the SCRA is no less lofty than to provide servicemembers' peace of mind, knowing that while they put their lives at risk to protect this great nation, their personal affairs and economic interests will be protected". [1]   We owe an enormous debt to the men and women of our armed forces -- not only to those currently serving in the military, but also to those who have served our country in the past. It is incumbent upon all of us, including those in...

By John P. Carey, Chief Administrative Officer, North America Consumer Banking   Although the definitive history of the financial crisis and ensuing global recession has yet to be written, there is almost universal consensus that imprudent practices by many participants in the United States (U.S.) mortgage lending market were a major factor in triggering the events of the last few years. The U.S. housing market still has not recovered. Millions of families have lost their homes through foreclosure, and more than one in four families owe more on their mortgage than their home is worth. It was, therefore, no...

by: John P. Carey, Chief Administrative Officer, North America Consumer Banking   Starting in July, changes to federal law require that lenders disclose to consumers certain information, including the credit score used to (1) turn down a loan application (known as an "adverse action") or (2) approve a loan, but not at the best available interest rate (known as a "risk-based pricing" decision). This change to federal law adds to the existing requirement that lenders disclose or provide upon request a general reason for an adverse action credit decision.   The new rules[1] apply to credit applications for many...

The Consumer Financial Protection Bureau (CFPB), which launched last week, has received a great deal of Congressional, consumer and media attention during the past several weeks and months. Its mission is "to make markets for consumer financial products and services work for Americans--whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products." The CFPB will play an important role in developing rules for a host of financial consumer protection issues. The Bureau will focus on enhancing consumer understanding so that you can make informed choices about financial products and services...

The financial services industry has entered an era of significant change, driven in part by the Dodd-Frank Wall Street Reform and Consumer Protection Act. While many of these changes are intended to provide greater clarity, choice, and control for clients over their financial lives, we also realize that the pace and complexity of change may seem difficult to navigate. That's why we're using this and future blog posts on new.citi.com to create a conversation--to help you learn more about some of the basics of the Dodd-Frank Act, to better understand the changes it will bring, and to hear your questions...